In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while...

Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already...

It's the most wonderful time of the year - tax planning time. The Tax Cut and Jobs Act (TCJA) means many people will see lower tax bills this year, but that doesn't mean you should pass on tax planning....

The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that...

Summer is in full swing and, with school out, lots of high school and college kids are working seasonal jobs before they return to their studies. It doesn’t matter if it’s mowing lawns, checking out groceries, painting houses or...

Every year, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) issues its annual report on the Social Security system. The report...

Blockchain technology is raising speculation over the future of audit and assurance work and the impact it could have on accountants. Originally created to serve as the foundation for cryptocurrencies, blockchain technology has developed and been...

Cryptocurrency Tax Essentials - Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats...

Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting...

The much anticipated Republican tax bill is finalized, with President Trump expected to sign the legislation into law before Christmas. The final bill codifies significant changes to personal business tax laws, both in terms of tax structure......

Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes......

Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much about nothing; however, with the solid majorities that......

From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated......

Some people say that 50 is the new 30. Living longer and healthier lives might make you feel young if you are 50, but your retirement account begs to differ. Anyone who’s turning 50 or older on or before Dec. 31......

You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way...

Could Potential Tax Changes and a Private Equity Black Hole Undermine the Value of Your Business?

June 2017

Until a few years ago, the average private equity fund’s multiyear performance materially outperformed the S&P 500. More recently however, the average private equity fund is performing more in-line with this benchmark......

Bundled in with a 2015 law, Congress gave the IRS a directive to give private debt collection agencies the task of collecting certain types of delinquent tax debt. This isn't a first; in fact, a similar tactic......

It’s not long before tax returns for individuals will be due for 2016. This year April 18 is the deadline for filing. For a lot of people, filing on time is not only impractical but outright impossible......

The rules around Form 1099s are long and can be complex. So what are you supposed to do if someone sends you're a 1099 that doesn't look quite right? Perhaps they made a mistake and put an extra zero on it, taking......

It's here again, the most wonderful time of the year - tax season. Uncle Sam is the reason for the season, and the IRS is ready to give everyone a nice tax bill. Fortunately for you, we have the top tax tips - Maximize Retirement Plans......

Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?

December 2016

President-elect Donald Trump’s agenda places tax changes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both...

For a number of years, Congress created significant uncertainty by waiting until the eleventh hour to renew or extend numerous tax provisions. In response to the frustration expressed by both individual taxpayers......

Traditionally, the IRS subjects large corporate taxpayers to nearly continuous audits of their tax returns. In recent years however, IRS funding has been substantially reduced, making this strategy unsustainable......

Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 201(k) plan......

Cybercriminals are on the prowl, and phishing schemes are surging this year. Stolen information is increasingly being used to file fake tax returns.
IRS experts expect an increase in tax fraud this year. While the agency often is able to identify......

Now that we are in the midst of tax filing season, it is a great time for families and college students to re-familiarize themselves on the available tax benefits that could potentially lower higher education costs......

Whether you prepare your tax return yourself or hire a professional, there are certain things you should know. Often it is not until a person reaches their mid- to late twenties that tax returns become ore complex and they need to be more informed.....

The timing of when you take your Social Security can have a potentially significant impact on your overall tax strategy during retirement. While each person's case is unique, delaying Social Security often tends......

The end of the year is approaching and now is the time to take action to lower your tax bill. Here are four moves you can make now so you can have a smile on your face when you do your 2015 tax return next year...

In the Market for a Vacation Home? First Consider the Tax Implications

June 2014

Summer is here again and vacation is on everyone's mind. While planning your holiday, you might begin thinking that perhaps you should just buy a second home rather than spend the money renting a beach house or staying in hotels. In the right situations...

Have you ever wondered who’s telling the truth about taxes? It seems that no matter where you go in this presidential election year, someone is giving you their spin on who is paying too much or too little...

Recall that saying: “Time flies when you’re having fun.” I’m not sure if you can say preparing tax returns is fun, but time certainly seems to fly by during tax season as due dates approach. I thought we could take a...

We have been asked on many occasions whether a client or someone they know should file an income tax return. You might think the answer to that question is easy, but certain circumstances make the question...

You’ve had a great day. Everything went right at work. You finally landed that new account you’ve been chasing, and you found $20 in an old pair of pants. Things have certainly gone your way; until you get...

If you watch television, surf the Internet, listen to the radio or read any news publication, you’ve heard a lot about income taxes. Say what you will, but every American has a stake in the ongoing debate in...

One great concern for many tax planners at the end of 2010 was how to adjust for the reversion of estate tax provisions to pre-Bush levels. Congress and the President solved that problem with the passage and enactment...

The climate of our economy has brought a great deal of attention to investing in renewable energy systems and going green. With an opportunity to stimulate the economy and increase jobs, this concept is receiving a stronger...

In the past, we have discussed the differences between the cash and accrual bases of accounting. While these differences can be hard to grasp, the overall concepts of the two methods are fairly straightforward. The accrual basis of...

What do Tupperware, Shaklee and Mary Kay have in common? Their products arenÂ’t similar, but they all do business the same way and depend on the average consumer to sell their products. Based on their bottom lines, these companies and...

Tax season is upon us and millions of Americans are anxious to obtain their oh-so-important refunds. If you fall into this group, try not to let impatience push you into opting for a refund anticipation loan...

The leaves are falling and winter is just around the corner - so, too, is the end of the year. With that comes the inevitable ritual of searching for ways to minimize your tax burden for 2009. With 10...

Are you required to file a report on a foreign bank or financial account? Before you answer that question, you might want to consider recent pronouncements from the Internal Revenue Service. Failure to file...

How often have you been called by the Fraternal Order of Widget Makers or the Benevolent Fund seeking donations for a supposedly charitable purpose? How many times have you made a commitment on the telephone when you had...

It's no secret that the United States is in an economic downturn. Unemployment is high and the government is pumping massive stimulus funds into the economy. The United States Treasury is borrowing trillions of dollars...

No doubt, the title of this month’s article may have certain historians rolling their eyes, but if you use a tax practitioner to prepare your tax return, the number 7216 could well become the bane of your existence because this is the...

On March 12, 2009, Bernard L. Madoff admitted guilt to eleven counts of fraud in connection with a $50 billion Ponzi scheme. He immediately went to jail, where he will most likely spend the rest of his...

Last month, we focused in broad terms on the pending economic stimulus bill proposed by President Obama, along with the version passed by the House of Representatives. At that time, the Senate had not...

It’s no secret that Congress is working on a massive stimulus plan that includes both spending and tax cuts. Recently, the House of Representatives passed its version of a plan that would cost $819 billion. Since...

What do you suppose the largest bank in the country, and the smallest business in the country, have in common? If you said ‘handling cash’, you would be correct. The Federal government has put all businesses...

As part of the Economic Stimulus Act of 2008, depreciation rules were amended to allow a 50-percent bonus deduction for depreciating a qualifying property. In general, any property depreciable under the modified accelerated...

As year-end approaches, many businesses are facing the prospect of an annual financial statement audit. Some businesses, like public companies and large borrowers, are required to obtain annual audits, while some just...

September is over and summer is just a memory. Now we enter autumn, a particularly beautiful, sometimes dreary, time of year that brings its own special feeling. With tree leaves moving from their summertime green to bright...

This is the time of year we normally start talking about year-end tax planning, but we went back to last yearÂ’s articles in the archives and believe they are still applicable this year. Although we will be...

Over the course of the first six months, we have talked about many types of income and deductions. Income items like wages, dividends, interest, etc. are familiar to many of us and relatively easy to determine. The...

For the last few months, we have been concentrated on Federal income tax issues. Given the time of year, we figured that's what might interest you. Now that we are a bit past April 15, though, we wanted...

We in the United States of America live in a country where individual liberties and the notion of the basic equality of all persons are jealously guarded. In America, just about anyone can go from poverty...

Baseball has the World Series, football has the Super Bowl, college basketball comes down to the Final Four, and tax season has the final fifteen - days that is. Ok, technically we can have one or two...

We wanted to start your New Year out on a good foot in this article, but Congress wouldn't cooperate by eliminating the income tax, so you will just have to settle for our very great wish that you have a happy and...

It's the time of year once again when we are told that Santa is on his way and he's double checking his list to make sure he gives the right presents to the right people. As the surrogate Santa that many...

I know you have heard someone say, “Ignorance of the law is no excuse!” That may apply in traffic and criminal courts, but it is even worse, or so it seems, in civil court. You know, the place where the neighbor...

Some folks absolutely love roller coasters while some of us are just a little bit skittish about placing our lives in the hands of engineers and ride operators we never met. Some of us downright hate roller coasters,...